TELESTE CORPORATION STOCK EXCHANGE RELEASE 20.5.2008 AT 16:30
TELESTE TO BUY BACK OWN SHARES
The Annual General Meeting of Teleste Corporation (Teleste) resolved on April 1,
2008 to authorise Teleste's Board of Directors to repurchase Teleste's own
shares for use as consideration in future acquisitions or other arrangements
related to the Company's business, as financing for investments or as part of
the Company's incentive program or to be held by the Company, to be conveyed by
other means or to be cancelled. Based on the authorisation granted to it by
Teleste's Annual General Meeting, Teleste's Board of Directors resolved today to
repurchase a maximum amount of 500 000 Teleste's own shares. The repurchases are
planned to commence earliest on May 28th, 2008 and are intended to be completed
by the Annual General Meeting of Shareholders for year 2009.
The shares will be repurchased in public trading on the OMX Nordic Exchange in
Helsinki for purposes identified in the authorization by the Annual General
Meeting at a price based on the market price of the Teleste share.
Teleste is an international technology group founded in 1954, which is
specialized in broadband data communication systems and solutions. The group is
divided into two Strategic Business Units: Broadband Cable Networks and Video
Networks. Broadband Cable Networks serves cable operators and a major part of
its business activities are handled through direct customer contact. Video
Networks supplies solutions for optical signal transmission and video network
management software solutions for video surveillance and a major part of its
business is handled through system integrators. Both Business Units are among
the leading providers in their market areas and are globally recognized for
their know-how and ability to produce technically cutting edge solutions year
after year. In 2007 the group's net sales totalled EUR 125.1 million and the
group employed 672 persons at the year-end. The company has approximately 30
offices world-wide and over 91% of Teleste's net sales are generated outside
Finland. The company is listed on the OMX Nordic Exchange Helsinki.
Visit www.teleste.com for more information.
Mr Jukka Rinnevaara President and CEO, tel +358 2 2605 866 or +358 400 747 488
OMX Nordic Exchange Helsinki